S&P 500 edges higher despite slide in tech and chip stocks

S&P 500 EDGES HIGHER DESPITE SLIDE IN TECH AND CHIP STOCKS

Wall Street's main indexes ended mixed in choppy trading on Thursday as investors continued rotating out of technology and semiconductor stocks, while a weaker-than-expected U.S. jobs report tempered concerns that the Federal Reserve could maintain a hawkish policy stance.

The benchmark S&P 500 CBOE:SPX spent most of the session in negative territory before edging higher late in the day. The Dow DJ:DJI gained, while the Nasdaq TVC:IXIC closed lower.

Of note, the Dow scored a record closing high.

Data showed U.S. nonfarm payrolls increased by 57,000 jobs last month, well below economists' expectations for a gain of 110,000. The unemployment rate stood at 4.2%, compared with forecasts of 4.3%.

Most S&P 500 sectors ended higher. Healthcare stocks SP:S5HLTH led gains, rising 2.7%, followed by consumer staples SP:S5CONS, which advanced 2.4%.

Technology shares SP:S5INFT were the biggest drag on the benchmark index, falling about 1.5%. Most of the Magnificent Seven CBOE:MAGS megacap stocks declined, with Tesla NASDAQ:TSLA tumbling 7.5% and Meta Platforms NASDAQ:META sliding nearly 5%.

Semiconductor stocks NASDAQ:SOX extended losses for a second straight session, dropping 5.5%.

U.S. markets are closed Friday ahead of the July 4 holiday.

Here is a snapshot of where markets stood shortly after 4 p.m. ET.